Preliminary Data Analyses Indicate That You Can Reasonably Consider the Assumptions

question 46

Essay

Preliminary data analyses indicate that you can reasonably consider the assumptions for using pooled t-proceduressatisfied. Perform the required hypothesis test by using either the critical-value approach or the P-value approach asindicated.
-A researcher was interested in comparing the response times of two different cab companies. Companies A and B were each called at 50 randomly selected times. The calls to company A were made independently of the calls to company B. The response times for each call were recorded. The summary statistics were as follows: $$\begin{array} { l l l } & \text { Company A } & \text { Company B } \\ \hline \text { Mean response time } & 7.6 \text { minutes } & 6.9 \text { minutes } \\ \text { Standard deviation } & 1.4 \text { minutes } & 1.7 \text { minutes } \end{array}$$ At the 0.02 level of significance, do the data provide sufficient evidence to conclude that the mean response time for company A differs from the mean response time for company B? Use the P-value approach.

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Definitions:

Line Extension

A marketing strategy where a company introduces additional items in the same product category under the same brand name, such as new flavors, sizes, or other variations.

Brand Dilution

The weakening of a brand's power and value due to overuse, overextension, or ineffective marketing strategies, leading to a loss of brand exclusivity and consumer confusion.

Low-calorie Chip

A snack food designed with reduced caloric content compared to traditional chips, often through alternative ingredients or cooking methods.

Brand Extension

The strategy of using an existing brand name for new products in different categories to leverage brand equity.